American Wholesale Completes N.J. Acquisition
NU Online News Service, March 1, 3:12 p.m. EST?Wholesale insurance broker American Wholesale Insurance Group said it has completed the acquisition of Property Risk Services, LLC.[@@]
Terms of the deal were not disclosed.
The Charlotte, N.C.-based broker said Edison, N.J.?based Property Risk has premium placement of $200 million. The firm specializes in designing and marketing insurance programs for risks with property and boiler and machinery exposures.
Gregg Calestini, a spokesman for American Wholesale, said that with the acquisition, the total premium placement for the firm will jump to $1.4 billion.
"The addition of PRS exemplifies American Wholesale's commitment to acquisitions that provide increased product offerings and expertise to our retail clients," said Steven DeCarlo, president and chief executive officer for American Wholesale, in a statement. "PRS' extensive large property expertise will enhance American Wholesale's current property capabilities."
"The combination of our teams will give American Wholesale additional depth into large, complex property risk placement solutions," said Thomas Spinner, chairman of PRS. "Conversely, joining American Wholesale's national platform will enable PRS to expand its geographic reach and provide our clients with access to a complete range of wholesale insurance solutions from a single provider."
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